The government of France is in “close talks” with the Standard and Poor’s agency, Prime Minister Elisabeth Borne said on Sunday, after the Fitch rating agency downgraded the sovereign debt note of the second largest economy in the European Union.
The Minister of Economy, Bruno Le Mairegave “Detailed Explanations to Standard and Poor’s” about everything the government is doing to get public finances under control, before the ratings agency announces its decision in early June, Borne told Jewish community radio J.
The rater fitch cut France’s debt rating one notch from “AA” to “AA-” at the end of April, citing “a relatively large fiscal deficit and modest progress on fiscal consolidation.”
This note determines the lending conditions when governments go to financial markets to sell coupons on their debt.
“I believe that we are advancing with reforms, we recently presented a projection for our finances until 2027 in which we seek to reduce our deficit to 2.7% of GDP” from the current level of 5%, Borne said.
Source: Gestion
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